TRX Tech Director: ICO Will Not Die Out
A year ago, Tron held an ICO and raised $70 million. Thanks to this, the project secured a place in history for itself, as one of the largest crowdfunding. In the summer of 2018, the Tron blockchain became fully operational. Also, the project managed to please fans of torrent-trackers with various bonuses. But things are not as smooth as they seem.
accused of plagiarizing white papers of other crypto projects. Simultaneously, Lucas Nuzzi, director of research at Digital Asset Research, investigated the Tron code and named it 'The Frankenstein of crypto'. Allegedly, the developers simply assembled the blockchain from different cryptocurrencies piece by piece. And because of this, Tron currently has many bugs in the system.Even at the ICO stage, Tron was
NakamotoJedi talked to Marcus Zhao, the technical director of Tron, to find out whether there was plagiarism, to learn about the plans of the project, as well as its prospects. If you watching video is too hard for you, we have deciphered it and highlighted the most important moments.
Tron is a direct competitor to Ethereum if we talk about the platform for developing and implementing dApps. What is your main advantage over ETH?
We are faster and cheaper. Seamless migration. ETH developers can easily develop on TRON.
If you look at the quantitative indicators, then Ethereum significantly outperforms Tron. So, on ETH blockchain there are already almost 2,000 dApps, and on Tron’s one - only 18. Why is the gap so huge? Why, despite the advantages described by you, do developers prefer to use the Ethereum platform?
ETH has been in the game for 4 years, whereas TRON just started 2 months ago. The TRON Virtual Machine (TVM) was launched less than 30 days ago, and in 10 days, the main chain will officially activate the TVM. That is why we have only a few DApps. We will definitely see an explosion of DApps after the official launch.
Tron appeared last year. Some users have accused the project of plagiarizing white paper of other crypto startups. What will you answer them? Was there any plagiarism?
The White Paper was released when TRON was still in the early stages of development. There might have been some overlaps of concepts, but after all, they are just concepts. Later on in its development, TRON has gone beyond the White Paper, and we have redefined the vision of TRON. We can say that TRON is an independent, innovative, and unique fundamental public chain.
Lucas Nuzzi, director of research at Digital Asset Research, analyzed the Tron code and called it 'The Frankenstein of crypto'. Allegedly, the code is simply collected by particles from other projects. Because of it, there are many vulnerabilities in it. For example, Tron uses the ethereumJ protocol with Proof of Stake. Was there a "copy"? What and where did you borrow? What makes Tron unique?
If he said we plagiarized others, he definitely hasn’t checked the codes of TRON carefully. As far as I know, TRON is the only public chain without any post-launch problems. I don’t know why he said “there are many vulnerabilities” on TRON. In comparison, ETH, BTS, and EOS had block generation problems when they were first launched. We can say that our codes are very reliable precisely because we haven’t come across with any problems on our chain.
TRON never used the ETH Protocol, but in order to attract Ethereum developers, we have made our TVM compatible with the Ethereum Virtual Machine (EVM). However, the management and consumption of resources are created by us independently.
Moving on, the TVM will be made compatible with more virtual machines.
This summer, Tron finally fully “came to life”. What are your future development plans?
We will continue to improve the features and usability of the public chain. Additionally, we will develop more advanced features, such as Anonymous Transactions, Multi-signature, and BFT Consensus Mechanism, etc.
Simultaneously with the launch of the blockchain, Tron users chose “super representatives”. One of them was the founder of Tron Justin Sun, who managed to win in the election in just a day. Other candidates were selected for several days or even weeks. Due to what Justin Sun managed to secure a place so quickly?
Justin has many followers and community supporters. Because they trust in Justin and his ability to run the node well, Justin could be elected so quickly.
How many super representatives are already elected? Who are these people? There are 27 of them. Do you think this is enough to manage a huge network of Tron? Does such a system have risks of centralization?
Currently all 27 Super Representatives (SRs) have been elected, distributed in Africa, Europe, America, China, and other parts of the world.The 27 SRs are competent enough to manage the whole network. Also, the 27 SRs of TRON are far more decentralized than the nodes on Bitcoin and the 21 Supernodes on EOS.
Justin Sun - the founder of Tron - bought a stake in BitTorrent. How muсh did he pay for it? Will BitTorrent be incorporated into the Tron network? What are the development plans in this area in general? What other acquisitions does Tron plan?
The acquisition cost has been made public and it can be found from the Twitter and Facebook posts of Justin Sun. Of course, BitTorrent has been working on a secret project based on TRON. Please stay tuned .There is a detailed development plan for Project Atlas now and you can find it on the official website of the project. We will also talk about it in detail during the 9.30 live stream.
We cannot disclose any other acquisition plans now. We will keep the public updated with specific plans moving on.
Tron appeared during the mass popularization of ICOs. But now we see that sums, which projects raise, are falling, and the number of scams and fraudulent startups is only growing. How do you think, this shows that the ICO market is gradually "dying”? Does it, in general, has a future? What will its development depend on?
As new means of financing, ICO will not die out in the future. Scams and fraudulent projects will use the market to turn investors away from speculation or gambling. Because there are oceans of ICOs and ICO is no longer scarce, investors will turn to valuable investment. Eventually, the value of good projects will become apparent. I believe that we need professional agencies rather than individual investors to participate in the ICOs.
Since the beginning of 2018, bears came to cryptocurrency market. Most recently, we saw some signs of the next rally. But in just a few hours this "steam" was shot down. It was especially clear on BTC. Some experts accused whales, the other Mt. Gox, and someone accused Goldman Sachs, who allegedly refused to enter the cryptocurrency market in a price drop. How do you think, what happened?
From my point of view, price is not the most important thing to consider at the moment. As long as the number of cryptocurrency application continues to grow, more people will be drawn into the industry and cryptocurrency will become a significant part of people’s life. We will see the real value of cryptocurrency by then.
In your opinion, will the cryptocurrency market be growing in 2018? Would it be the significant growth? Could the market repeat last year's result? And what about the medium term?
The whole cryptocurrency market will be healthier, but it’s hard to tell if the total market value will go up. We can be sure that in 2018, high-quality projects will definitely outperform the rest.